Diana Shipping Eyes More Funds for Ship Acquisitions

Image Courtesy: Diana Shipping

Athens-based dry bulk owner Diana Shipping has commenced an underwritten public offering of USD 70 million of common shares in order to fund the acquisition costs of additional dry bulk vessels.

The company said that the acquisitions include two 2013-built Post-Panamaxes and one 2013-built Kamsarmax dry bulk vessel that Diana Shipping agreed to purchase from unaffiliated third parties. These transactions are subject to approval by the board of directors.

Any net proceeds from the offering not used for vessel acquisitions will be used for general corporate purposes.

The company informed that it intends to grant the underwriters an over-allotment option for a period of 30 days from the closing of the offering to purchase up to an additional USD 10.5 million of common shares.

As part of the offering, entities affiliated with Simeon Palios, the company’s Chief Executive Officer and Chairman, executive officers and certain directors, have agreed to purchase some USD 20 million of common shares at the public offering price.

Wells Fargo Securities, LLC and Clarksons Platou Securities, Inc. are acting as joint book-running managers in the offering and BNP Paribas Securities Corp. is acting as co-lead manager.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >

TOC Europe

TOC (The Terminal Operations Conference) has long been considered best in class by container terminal operators and their suppliers…

read more >

Marine Philippines 2017

The 4th edition of PHILIPPINES MARINE 2017, SHIPBUILD PHILIPPINES 2017 and OFFSHORE PHILIPPINES 2017 is the only specialized Shipbuilding…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference.

With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and technology solution providers. Get in-depth and detailed market insights from experts who are taking the decisions, assess peer strategies and give shape to your own in this unrivalled gathering of shipping and marine fuel industry leaders.

Key Highlights for 2017:

* 3 Co-located Conferences

* 12+ Hours of Networking Time

* In-depth Review of Shipping Markets by Segment

* Ship Owner Positions on Emissions Compliance Scenarios

* Pricing Differentials and Availability across Different Fuels

* Technology and Analytics in Fuel Management and Emissions MRV

More info

read more >